Fluent Bets Big on Commerce Media, Sells Call Solutions Subsidiary

NEW YORK, NY – February 06, 2026 – Fluent, Inc. (NASDAQ: FLNT) has finalized the sale of its non-core Call Solutions subsidiary, Winopoly LLC, to InsureCo, LLC, marking a decisive step in its strategic transformation. The divestiture, announced today, is designed to sharpen the company's focus and channel resources into its high-growth Commerce Media Solutions business, a segment that has become the firm’s primary engine for growth.

The deal, valued at an aggregate purchase price of $3.0 million, is structured as a secured promissory note payable to Fluent. This arrangement provides Fluent with future payments secured by the buyer's assets, rather than an immediate cash infusion. This move underscores a deliberate strategy to streamline operations and fully commit to a specialized, high-potential sector of the digital advertising market.

A Strategic Pivot to Commerce Media

For Fluent, the sale of Winopoly is the culmination of a multi-year effort to realign with evolving market dynamics. The company is betting its future on commerce media, a rapidly expanding field that connects advertising directly to consumer purchasing behavior.

“Over the past several years, we have deliberately transformed Fluent to align with where the market is headed,” said Don Patrick, Chief Executive Officer of Fluent, in a statement. “The sale of our non-core Call Solutions business further sharpens our focus on Commerce Media Solutions and strengthens our ability to invest behind a business that is delivering sustained growth, scalability, and long-term value for our stakeholders.”

Fluent’s Commerce Media Solutions business, launched in the first quarter of 2023, has demonstrated explosive growth. The segment has delivered triple-digit compound annual revenue growth since its inception. Through the first three quarters of 2025, its revenue grew 98% year-over-year, reaching 40% of Fluent's consolidated enterprise revenue—a significant jump from just 16% in the third quarter of 2024. During that same period, the division surpassed an annual revenue run rate of $85 million, signaling strong market adoption of its offerings.

This growth is fueled by a broader industry shift. As e-commerce continues its ascent and the impending deprecation of third-party cookies forces advertisers to seek new strategies, solutions that leverage first-party data are becoming critical. Fluent's platform, which utilizes exclusive ad inventory, robust first-party consumer data, and proprietary machine learning, is positioned to capitalize on this trend by helping brands acquire valuable customers at scale.

Unpacking the Financials of the Deal

While the strategic rationale is clear, the divestiture comes at a challenging financial juncture for Fluent. The company’s total revenue for the third quarter of 2025 was $47 million, a notable decrease from $64.5 million in the same period of the prior year. This decline reflects the company’s intentional shift away from its legacy owned-and-operated revenue streams, which included the now-divested call solutions business.

Fluent reported a net loss of $7.6 million in Q3 2025, slightly narrower than the $7.9 million loss from Q3 2024. However, its adjusted net loss widened to $6.5 million from $3.7 million in the prior-year period. Over the last three years, the company's overall revenue has seen a decline of 14.1%. This context highlights the urgency and importance of the strategic pivot; the declining legacy business was a drag on overall performance, while the new focus area shows significant promise.

Despite the current losses, management is optimistic about the future. The company projects it will achieve positive adjusted EBITDA for the full year 2026, driven by the anticipated growth and seasonality of the Commerce Media Solutions business. The sale of Winopoly, while not providing immediate capital, removes a lower-margin, declining business from its books and allows management to concentrate fully on scaling its most promising segment.

The Evolving AdTech Landscape

Fluent's move is reflective of a broader trend within the AdTech industry: specialization. As the digital advertising ecosystem matures, companies are increasingly moving away from being all things to all clients and are instead carving out defensible niches. Commerce media is one of the most attractive of these niches, sitting at the lucrative intersection of advertising and e-commerce.

The competitive landscape is fierce, featuring retail media giants like Amazon, Walmart, and Target, who leverage their vast customer data and online storefronts to offer powerful advertising solutions. Fluent competes by offering a differentiated platform built on its own exclusive ad inventory and first-party data, promising a privacy-first approach that is becoming more crucial in a post-cookie world.

By shedding its call center operations, Fluent is streamlining its identity and clarifying its value proposition to investors and clients alike. It is no longer a hybrid performance marketing company but a focused commerce media provider, a narrative that may resonate more strongly in a market that rewards specialists.

A New Home for Winopoly

The buyer, InsureCo, LLC, appears to be a natural fit for the Winopoly asset. Winopoly, which Fluent fully acquired in 2021 and rebranded as Fluent Sales Solutions, specialized in connecting high-intent consumers with brands in high-consideration sectors like insurance, financial services, and home services. Its expertise in live agent and call center solutions is highly synergistic for a company with a name like InsureCo, which is presumably focused on the insurance market.

This acquisition provides InsureCo with an established, in-house customer acquisition and engagement engine tailored to its core business. For Fluent, the sale ensures the subsidiary goes to a home where its capabilities are a core strategic asset, not a non-core division. The transaction allows Fluent to complete its exit from the call solutions business and dedicate its full attention and capital to winning in the competitive but rewarding commerce media arena. The success of this bold strategy will now hinge on the company's ability to continue its rapid growth trajectory and convert its focused efforts into long-term profitability.